MGMT310 - Innovation and Tecnological Change - Innovation...

Innovation and Technological Change Topics: • Models of Innovation • Case Study: QWERTY Keyboard Design ENT is a key driver of innovations and tech progress Common perceptions of innovative processes tend to be too simplistic and too optimistic Today’s topic: More comprehensive and appropriate models of innovation and tech change • Creative destruction • Evolutionary models • Punctuated equilibrium models Creative Destruction Innovation is not only the process of creating something new, but simultaneously the destruction of something old Innovation as creative destruction • Advantage = more comprehensive perspective • Innovation = competition between “old” and “new” Often an optimistic perspective: thinking of success first and then thinking backwards Think of process first before the end result Example: FDA approved drug process • Drug discovery ~5-6 years • Pre-clinical ~5 years • Clinical trials ~7+ years • FDA review ~2 years • Approved drug: approval does not guarantee success Conclusion: most innovation attempts don’t destroy anything and create something new, they fail Old technology vs New Technology examples Horse and buggy vs Automobile Old ideas are not always destroyed by new technology Horse and buggy is still used in PR/Advertisement, Weddings, Logging, etc

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